Uber shareholders feud over investor's lawsuit

Updated 6:29 pm, Saturday, August 12, 2017

NEW YORK (AP) — Shareholders of Uber Technologies Inc. are feuding over a key investor's decision to sue the ride-hailing company's board and former CEO.

The Wall Street Journal (http://on.wsj.com/2vtq3Xc ) reported Friday that three shareholders wrote a letter to Benchmark Capital Partners protesting the venture capital firm's decision last week to file the lawsuit.

Benchmark, which owns 13 percent of Uber stock, contends former CEO Travis Kalanick concealed material information from investors when he created three new board seats in 2016 and gave himself the right to appoint people to those seats. The firm says Kalanick is trying to return as CEO.

Shareholders Shervin Pishevar of Sherpa Capital, Ron Burkle of Yucaipa Cos. and Adam Leber of Maverick demanded that Benchmark withdraw the lawsuit and remove its representative from the board.